Incyte’s third quarter total revenue rose 14 percent to $1.56 billion and total net sales rose 14 percent to $1.32 billion, the company reported on October 29 in results furnished to the SEC. Jakafi and Jakafi XR net sales were $827 million, up 4 percent. The growth came from the rest of the portfolio: Opzelura cream net sales were $255 million, up 36 percent, and hematology and oncology net sales were $235 million, up 38 percent. Cash, cash equivalents and marketable securities were $3.9 billion at September 30, against $3.6 billion at the end of 2025.
The expense line carries a deal charge. GAAP research and development expenses were $1.79 billion, up 254 percent, driven by a one time $1.23 billion in-process research and development expense for the acquisition of Vega Therapeutics; excluding that charge, research and development rose 11 percent on late stage development work. Selling, general and administrative expenses were $364.3 million, up 11 percent.
Guidance rose across the commercial lines. Full year total net sales are now expected at $5.210 billion to $5.300 billion, from $5.130 billion to $5.260 billion, with Opzelura guidance raised to $1.100 billion to $1.120 billion, from $1.050 billion to $1.100 billion, and hematology and oncology raised to $890 million to $910 million, from $860 million to $890 million. Jakafi guidance was left unchanged at $3.220 billion to $3.270 billion. The Opzelura range includes a one time $246 million benefit from the company’s agreement with the Centers for Medicare and Medicaid Services resolving litigation over Medicaid rebate rules for the product, a disclosure that separates negotiated settlement income from underlying demand growth.
Chief executive Bill Meury framed the pipeline as multiple paths to growth beyond 2029: a CALR targeted monoclonal antibody for myeloproliferative neoplasms, a Protein S modulator for von Willebrand disease, the KRAS G12D inhibitor INCB161734 for pancreatic and colorectal cancers, and a TGF beta R2 by PD-1 bispecific for colorectal cancer. Phase 1 data for INCB161734, whose early pancreatic cancer results this site covered on October 27, and for INCA033890 support registrational studies planned for 2027, and Phase 3 data are expected by year end for povorcitinib in prurigo nodularis and for ruxolitinib cream in hidradenitis suppurativa.